First Federal Bank of Wisconsin, a community bank based in Waukesha, said Wednesday it is forming a mutual holding company and plans to raise money by selling public stock.

Under the reorganization plan, the holding company would own 55% of First Federal stock, and the bank would sell 45% of its common stock publicly, with depositors and qualified borrowers having first shot at buying it for $10 per share.

“This is an important step in implementing our strategic plan for growth because the capital raised in the stock offering will provide a financial platform for growth and expansion of our community banking franchise," Edward H. Schaefer, First Federal chief executive, said in a statement. "We believe this transaction, which includes the formation of a charitable foundation that will be dedicated to charitable activities in the communities we serve, will benefit our customers and the community alike."

As of March 31, the bank had total assets of $236.1 million and 45 employees. It posted a profit of $171,000 in 2016, regulatory records show..